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* Severance pay. We will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. That is, those departing will be paid unt
by gzer0 4y ago
* Severance pay. We will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. That is, those departing will be paid until at least February 21st 2023.
* Bonus. We will pay our 2022 annual bonus for all departing employees, regardless of their departure date. (It will be prorated for people hired in 2022.)
* PTO. We’ll pay for all unused PTO time (including in regions where that’s not legally required).
* Healthcare. We’ll pay the cash equivalent of 6 months of existing healthcare premiums or healthcare continuation.
* RSU vesting. We’ll accelerate everyone who has already reached their one-year vesting cliff to the February 2023 vesting date (or longer, depending on departure date). For those who haven’t reached their vesting cliffs, we'll waive the cliff.
While layoffs in general suck, the terms of this one are quite substantially better than many other companies.
- udev 4y agoMakes sense. There is an expectation that they might want to welcome some of these people back at some point.
- system2 4y agoWould anyone go back and work at an office where they were laid off?
- geuis 4y agoSure, depending on the circumstances. Had a friend just start back at a company in a different city after leaving for a couple years. He left mainly because of a bad manager the first time. That wasn't being laid off, but it's similar. Sometimes companies need to do layoffs to survive, or they merged and have duplicate roles. Lots of reasons. It makes sense to take care of good talent that have to be let go in case they come back later.
- baq 4y agoleaving on your own terms is most definitely not being laid off. not even close.
- haggy102 4y agoI would yea, especially if the separation was handled well and I was still looking for consistent work.
- djur 4y agoIt happens in other industries all the time. Knew a guy who got laid off from the same factory 3 times in 8 years or so. I've even seen it happen once or twice in tech.
- chrischattin 4y agoAbsolutely. The airlines do it all the time with pilots via furloughs during downturns.
- mrtweetyhack 4y ago
- FerociousTimes 4y agoDefinitely me. I don't take these events personally, it's strictly business after all, esp when the termination agreement is generous enough, and conduct is kept professional and decent between the employer and employees. It's like a breakup but on very amicable terms, it sucks at first esp when it's abrupt but you get used to it, and there's always the chance of you getting back together. No hard feelings!
- pm90 4y agoThe crucial part is how its handled. If the company shows generosity during the separation, going beyond what was expected, I would certainly consider going back. If they only do the minimal required or less, probably not.
- amalcon 4y agoI've known people to be laid off from one position, apply for a different position at the same company the next day, and end up hired into that position. It can happen.
- Pasorrijer 4y agoDefinitely. We laid a ton of people off due to Covid. One year later back in business, hired most of them back.
- cableshaft 4y agoDepends on how much I liked the job and if there was any hope of being paid what I'm paying now. I can think of three jobs I would happily go back to if they paid what I get paid now (and the companies still existed). One game dev company, one game publisher, and one retail job, where I mostly chatted with other employees, stocked and cleaned up shelves, and helped about a 1-2 dozen customers a night. My current job I might be willing to come back to at some point if I left it. It has some warts, but it's been pretty good overall. Other past jobs, not unless they paid 50-100% more than I'm making now. Nothing against them necessarily, but I wouldn't want to have that job again.
- 0xjmp 4y agoI enjoyed working at Stripe. I would go back.
- lr4444lr 4y agoCompanies that come crawling back on their knees to you are usually ready to substantially up your comp. or improve your work duties, considering the position they must be in to be trying it.
- yodsanklai 4y agoIn a big company with thousands of employees, for sure. You probably won't even see the same faces. It's totally impersonal. In a smaller company, it's different. I actually left a (small) company in very good terms, but yet, I feel it would be weird going back there.
- emodendroket 4y agoHey, at the big tech companies plenty of people get laid off and then just transfer to a new role at a different team instead of actually leaving the company.
- vidarh 4y agoDepends. If they handle it well and offer a generous package when you're laid off, then it's a positive signal that you'll be treated fairly and that they genuinely didn't want to have to let you go. In that case I might consider it. If they handle it poorly, then not a chance.
- jcadam 4y agoI was laid off at the beginning of October and still can’t find anything. It’s definitely a buyer’s market for senior level engineering talent.
- WFHRenaissance 4y agoWhat sort of engineer are you and how many years of experience?
- jcadam 4y ago16 years. Working at the Senior/Staff level. Most recently Clojure work. I’ve done a lot of Java of course, although I’ve been rejected from some of those jobs because I spent the last year doing Clojure full time instead of Java.
- throw8383833jj 4y agoyeah, it gets to be tough once you get over the 10 to 15 year mark. Alot of companies probably prefer younger folks.
- cappuccinooo 4y agowtf is happening in software? it seems tough to break in, and apparently it gets tough after ten years? so there's a ten year gap where the 'going is good'?
- karmasimida 4y agoI think it is mainly because in some startup or smaller shops they don't need senior staff to work on their problems Plus, senior folks are expensive
- jcadam 4y agoYou use inexperienced and/or cheap programmers to build the foundation of your company. Then you bring in experienced folks to keep the barely-functional ball of mud shambling along for the next 10 years. It's the SV way.
- travismark 4y agowhat is "unused PTO" - I thought every company was now on the unlimited/zero PTO model
- k4ch0w 4y agoThree weeks PTO at Stripe, that's it.
- jvanderbot 4y agoWait, you really thought every company had unlimited PTO? Like, every single one?
- vimda 4y agoUnder non-US countries, they're still required to offer time off in employment contracts, and payout for unused time off under that contract
- latortuga 4y agoUnlimited PTO sucks for employees. It isn't the case in every state but some states, including mine, require employers to pay out PTO upon separation. So having unlimited automatically means you get paid out nothing on separation, a bad deal for employees. If you're allowed to take time off, then you have earned it but because of the policy, you don't get to realize the benefit of having earned it upon separation. Unlimited PTO also discourages using PTO because nobody wants to be seen as the person taking the most vacation. And there are therefore no useful guidelines about how much is reasonable or allowed. A written or de facto company policy of "if you take more than 2 weeks of PTO per year, you'll be seen as abusing the system" is not unlimited PTO, it's an excuse to not pay people.
- datavirtue 4y ago"Unlimited PTO also discourages using PTO because nobody wants to be seen as the person taking the most vacation" This fallacy needs to die. When I was at GE everyone in my blast radius took at least 1 month per year. Many took much more than that. There was no stigma.
- xyst 4y agoI feel most decent engineers can get rehired elsewhere with 14 weeks of runway. I do agree this is generous af. Most companies just give out minimum severance. No acceleration of vesting. Healthcare continues for maybe 1-2 months. I know at my current company, I will lose all PTO.
- oblio 4y ago> I feel most decent engineers can get rehired elsewhere with 14 weeks of runway. Oh, sweet summer children and children of recession free economies for IT. If job openings fall to 10-20-30% of current ones and tens, hundreds of thousands of IT workers are fired, good luck getting hired quickly, when any of the few good remaining job opening has hundreds of good applicants. We'll be back to the days of: Sure, you can code, your algorithms are efficient and your CV is impressive, but can you tell me how many overloads of string.contains are there in the Foo lang standard library? Ah, you say that's unfair? Well, the previous 10 candidates where just as good as you so we need more. We need you to hit the ground running, be productive the first week and be coaching our experienced devs within the first month.
- acjohnson55 4y agoI think that scenario is increasingly unlikely. Unlike the past two downturns, there are vastly more mature companies with devs essential to their business models.
- ununoctium87 4y agoAnd there are vastly more engineers to compete against
- astura 4y agoSO MANY more experienced devs to fill those jobs nowadays, though!
- sirsinsalot 4y agoI've been a continuously hired coder for 20 years, with zero qualifications, and have never experienced anything but demand even in recession. There's always non FAANG boring crud apps to code.
- bergenty 4y agoThat’s really cool of stripe. That’s a comfy launchpad for your next job search.
- truthwhisperer 4y ago
- amoghs 4y agoIndeed, they seem to be dealing with a tough situation really well.
- joshxyz 4y agohope they didnt fire edwin, i love that guy.
- randyrand 4y agoThe first round of layoffs generally has the best package. Round 3+ really gets frugal.